Either my business colleagues are at the same place as me or mastermind groups are suddenly popping up all over the place, in just the last week I spoke to three people who were either approached by or interested in applying to a mastermind group. It seems like mastermind groups are all over the place, but what is a mastermind group?
I explained to my colleague, unfamiliar with mastermind groups, what they entailed and how to know if a group was indeed for him. I explained that there are groups for every level and phase of business, that groups could be in his price range and others may be way beyond, and there could be groups that are so far out of his norm, but those may not be the fit he was seeking.
After my rundown, he wanted to know why would he join a group and pay for it? He would rather find a free group. From my experience, I let him know that a free group usually falls apart, but paying people are accountable. In a paid group you will find dedicated members who are willing to spend money to gain the valuable experience and help they’re looking for in addition to sharing their experiences. Finding a group that fits is key. Know what you have to offer as it is a give and take; that is what makes the whole group a success!
What is a Mastermind Group?
A mastermind group is a peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members. Coined by author Napoleon Hill in his book The Law of Success in 1925 and described in more detail in his 1937 book, Think and Grow Rich, mastermind groups are designed to help navigate through challenges by collaborating with the minds of others. [Wikipedia]
How does a mastermind group work?
A group made up of intelligent, like-minded people meets weekly, monthly or daily (if needed) to tackle challenges and problems together. If you’re lucky enough to get invited to join, you will find that it really is peer-to-peer mentoring. This setting allows for people to learn from each other while getting advice and sharing connections. Most agree that participation in a mastermind group will allow you to see drastic changes in your business and yourself.
Wondering if a mastermind would be right for you?
Here are 5 reasons to consider joining:
- There are two types of mastermind groups: one focused on an individual’s success, and the other focused on the success of the entire group and both work in similar ways. Other members need you just as much as you need them. So, providing quality experience and knowledge is essential.
- Working together to achieve more is the end goal. You may be the perfect fit for a member needing guidance in what you’ve experienced. Or you may just find the perfect fit to focus on a project that you have been grappling with. Collaborating is key.
- When you share with your group, it is almost certain that someone will have a solution for you. This is because each person brings their own skills, experiences and connections! You are among people there to help you conquer hurdles that they’ve already experienced.
- The group becomes your business advisors and that feeling of being lost in your business is gone.
- As a mastermind group member, your thinking goes beyond what it has been. You can’t help but think bigger and stretch your boundaries. In fact, you’re almost guaranteed to find success in both professional and personal aspects.
If you are invited to a group or apply on your own, know that there is an application process. You may not be the perfect fit at this time. Know what you have to bring to the table and recognize the incredible offer if you are accepted. Be prepared to grow with the group. A mastermind can do wonders for your business, as well as personally.
Bonnie Smith Hill is a partner and big think generator at Think Big Marketing, LLC. She helps businesses and coaches launch their brands and get business by generating ideas that thrive. For a FREE 15-minute Discovery Session, click here!